May 12, 2008 - Weyerhaeuser Company said that Carter Holt Harvey has begun a process to purchase the timber manufacturing operations and timber distribution business of the Weyerhaeuser Australia Group. This includes the interest in Green Triangle Forest Products held by a fund advised by Global Forest Partners. This offer includes:

Pine Solutions Australia  the selling and distribution operations, located in Narangba, Queensland; Berkeley Vale, New South Wales; Dandenong, Victoria; Adelaide, South Australia; and the Gordon, New South Wales office.

Weyerhaeuser Australia - the Caboolture, Queensland, sawmill; the Tumut, New South Wales, sawmill; and the associated Gilmore, New South Wales, operation.

Green Triangle Forest Products manufacturing  the Lakeside sawmill and the Pine Mouldings Operation, both located in Mt Gambier, South Australia; the Dartmoor, Victoria, sawmill, and the export chip business operated out of Portland, Victoria.

Weyerhaeuser Company, the parent company of the Weyerhaeuser Australia business; Global Forest Partners, the investment advisor to RII World Timberfund and 50 percent owner of Green Triangle Forest Products; and Carter Holt Harvey have entered into a non-binding letter of intent relating to the transaction.

The transaction is subject to regulatory approvals by the Australian Competition and Consumer Commission and the Foreign Investment Review Board. CHH has lodged an application with both bodies seeking approval for the transaction.

Weyerhaeuser is also in discussions on a potential simultaneous sale of its 50 percent interest of the Green Triangle Forest Products timberlands business to a timber investment fund advised by Global Forest Partners. These timberlands are comprised of approximately 20,000 hectares (approximately 50,000 acres) of plantation pine forest. Both this transaction and the potential sale of the manufacturing assets to CHH are subject to Weyerhaeuser Board of Directors approval.

The Australian businesses will continue to focus on meeting customer needs during the sale process and will work with the potential buyer to ensure a smooth transition, said Craig Neeser, Weyerhaeuser senior vice president, International Group. It is also important to note that the employees and contractors working for the Weyerhaeuser Australia Group have made significant contributions to its success and will be an asset to any potential buyer.